The U.S. Bureau of Labor Statistics released its jobs report for July – another consecutive month with a decrease in mining jobs. A total of 5,000 mining jobs were lost in July bringing the total loss of jobs in the industry to 78,000, with the majority of those losses in support activities for mining.
Since the most recent high in December 2014, the jobs report has displayed a dismal picture of the mining industry in the United States, which is merely a snapshot of the global challenges the industry is facing. Oil and gas companies across the globe are still implementing cost-cutting measures – which include layoffs – to remain afloat until the industry rebounds, which may be well into 2016 or later.
Industry experts have expressed that companies will need to move beyond simple cost-cutting measures because the oil price has created a new normal environment. These cost-cutting practices should include better use of analytics, strategic planning for the long-term and a closer look at talent management, KPMG officials said recently.
Hiring efforts may be on hold currently, however, recruiters are still finding ways to actively remain their candidate pipelines so that they’re ready when the industry picks back up and hiring is on the uptick.